Statements
Julia Koch and her children are purchasing a minority stake in BSE Global. BSE Global owns the Brooklyn Nets, the New York Liberty, and the Barclays Center. Financial terms of the transaction have not been disclosed, but the Koch family is buying a 15 percent stake in BSE Global.
BSE Global's sports holdings are valued at $6 billion. The Kochs are expected to pay approximately $900 million for their share. Julia Koch is the 23rd-richest person in the world with a net worth of $65.7 billion. Julia and her children inherited 42 percent of Koch Industries. The deal requires approval by the NBA Board of Governors.
Joe Tsai will continue as chairman of BSE Global and governor of the Brooklyn Nets. Clara Wu Tsai will remain as vice-chair of BSE Global and governor of the New York Liberty. Joe Tsai has a net worth of $8.6 billion. The Tsai family sees the partnership as enhancing their commitment to the community. The Koch family's investment could bring added value and opportunities to BSE Global. The involvement of the Kochs is expected to strengthen bonds with local communities.
Existing management will continue to operate BSE Global’s teams. The partnership aims to build a more engaged fan base and sustain the franchises' economic viability. The NBA Board of Governors will scrutinize the transaction. The partnership reflects a trend of high-net-worth individuals investing in sports franchises. The Brooklyn Nets and New York Liberty stand to benefit from the collaboration. Fans and stakeholders await the NBA Board of Governors' decision.
Quotes
"We are pleased to welcome Julia Koch and her family to BSE Global. Mrs. Koch's commitment to New York institutions is an invaluable addition to our franchise." - Joe Tsai
"We are looking forward to working with Mrs. Koch and her family as we increase investment in our franchise." - Joe Tsai
"Our family is honored to join the Tsai family in shaping, advancing, and contributing to the shared vision for the future of the Nets, the Liberty, and the broader Brooklyn community." - Julia Koch